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The New Zealand dollar was little changed below 70 US cents, as the US Thanksgiving holiday left markets subdued, and may fall in the face of continued US dollar strength.

The kiwi dollar traded at 69.96 US cents from 69.80 cents late yesterday, when it touched 69.68 cents, the lowest since July. The trade-weighted index rose to 77.24 from 77.15.

The kiwi dollar has declined more than 5 percent against the greenback since Nov. 8, when Donald Trump won the US Presidential election, heralding a new policy direction for the US that would include tax cuts and massive infrastructure spending, driving US economic growth, inflation and interest rates.

Against that, he has vowed to ditch the Trans-Pacific Partnership agreement and enact trade policies that could have implications for trading nations such as New Zealand and penalise China.

"USD strength remains the key theme in currency markets," said David Croy, senior rates strategist at ANZ Bank New Zealand. "The kiwi is holding around 0.70, butlooks set to trend gradually lower as markets focus on the implications of potential US trade barriers and rapid upward re-rating of US growth prospects".

In New Zealand, traders are watching for October merchandise trade this morning, which is expected to show the trade deficit narrowed to $971 million from $1.4 billion a month earlier.

See live rates for the NZ-US $ below. Click for more information:

The kiwi rose to 56.17 British pence from 56.11 pence late yesterday and traded at 66.29 euro cents from 66.26 cents. It rose to 4.8392 yuan from 4.8285 yuan and gained to 79.38 yen from 78.68 yen. It slipped to 94.44 Australian cents from 94.62 cents.